锌期货日报-20250617

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: June 17, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Industry Investment Rating - Not provided Core Viewpoints - Short - term, Shanghai zinc shows a weak and volatile trend; medium - term, the expectation of loose ore supply remains unchanged, and the zinc market has a pattern of increasing supply and weak demand, with potential for further price decline [7] Summary by Directory 1. Market Review - Futures Market: For Shanghai zinc, zn2507 closed at 21,840 yuan/ton, down 110 yuan with a 0.50% decline, with reduced volume and positions (positions decreased by 6,896 to 116,264 hands). LME zinc inventory decreased by 775 tons to 130,225 tons, all from Singapore warehouses. The spot import loss widened by 160.70 to - 527.98 yuan/ton, and the import window was closed [7] - Spot Market: Downstream consumption was weak. The spot premiums in three regions continued to decline. The social inventory increased by 0.1 million tons to 7.81 million tons as of Monday. With demand entering the off - season, downstream orders were poor, while smelters increased production due to rising processing fees and high by - product profits, leading to a marginal increase in zinc ingot supply in June [7] 2. Industry News - June 16, 2025 Prices: 0 zinc mainstream transaction prices were 21,970 - 22,120 yuan/ton, 1 zinc was 21,900 - 22,050 yuan/ton. Premiums varied by brand and region. For example, in the Shanghai market, common domestic brands had a premium of 240 yuan/ton over the 2507 contract [8] - Regional Markets: In Ningbo, the mainstream 0 zinc price was 22,030 - 22,120 yuan/ton, with a premium of 240 yuan/ton over the 2507 contract. In Tianjin, 0 zinc was 21,950 - 22,110 yuan/ton, and the market was at par with Shanghai. In Guangdong, 0 zinc was 21,950 - 22,180 yuan/ton, with a premium of 210 yuan/ton over the 2507 contract and a 10 - yuan/ton discount to Shanghai [8][9] 3. Data Overview - The report presented figures on the price trends of zinc in two markets, SHFE monthly spreads, SMM seven - region weekly zinc ingot inventories, and LME zinc inventories, with data sources including Wind and SMM [11][13]